Posted on 12 May 2011 by Laxman | Email|Print
Sharjah Islamic Bank, or SIB, has revealed that the bank is gearing up to issue Islamic bonds (sukuk) that will soon be listed on the London Stock Exchange.
The volume and value of the issuance are both subject to market conditions, and will be determined after the completion of the road shows taking place in the Middle East, Asia and Europe that were officially launched early this week in Abu Dhabi and Dubai. The value of the sukuk will be announced after subscription has closed……………………………………….Full Article: Source
Posted on 12 May 2011 by Laxman | Email|Print
Luxembourg has put on hold plans to sell the government’s first Islamic bonds, Central Bank Governor Yves Mersch said.
“As of late, Luxembourg has had less need to issue,” Mersch told reporters at the Islamic Financial Services Board Summit in Luxembourg City today. “This might have influenced the decision to put the project on hold.”………………………………………Full Article: Source
Posted on 12 May 2011 by Laxman | Email|Print
The Mashreq Al-Islami Income Fund, the Arabian Gulf’s best performing Shariah-compliant fund, says sukuk in the region will extend a rally as government spending and the fastest economic growth in six years boost demand.
Mashreq, managed by Dubai’s Mashreq Capital DIFC Ltd, returned 5.5% this year, Bloomberg data show. The company bought Islamic notes of UAE-based Tamweel and Dubai Sukuk Centre Ltd……………………………………….Full Article: Source
Posted on 12 May 2011 by Laxman | Email|Print
Indonesia’s finance ministry said on Wednesday it plans to issue a global sukuk bond in July or August, after earlier saying it would delay the planned issue to the second half of this year.………………………………………Full Article: Source
Posted on 12 May 2011 by Laxman | Email|Print
Bond issue in Gulf oil producers increased slightly in the first quarter of 2011 to nearly $20 billion and prospects for such activity remains good despite regional political upheavals, a key Saudi bank has said.
From around $19.5 billion in the fourth quarter of 2010, total bond issuance in the six-nation Gulf Cooperation Council (GCC) edged up to around $20 billion in the first quarter of 2011, National Commercial Bank (NCB) said in a study released this week……………………………………….Full Article: Source
Posted on 12 May 2011 by Laxman | Email|Print
Emirates NBD Asset Management, the asset management arm of Emirates NBD, announced today the one year anniversary returns of its three fixed income funds. The past year witnessed asset attraction as well as robust performance for one of the top 10 asset management firms in the region.
The suite of fixed income funds includes an Islamic money market fund that has taken advantage of the higher profit rates in the region and returned nearly three per cent in the past year……………………………………….Full Article: Source
Posted on 12 May 2011 by Laxman | Email|Print
The Islamic Development Bank on Wednesday agreed to provide as much as $3.3 billion of financing through 2014 to speed Indonesia’s economic growth.
“We are focusing on poverty, health and infrastructure. In line with IDB’s strategic priorities, we are committing to provide soft loans for its member, including Indonesia,” bank president Ahmad Mohammed Ali said……………………………………….Full Article: Source
Posted on 12 May 2011 by Laxman | Email|Print
The Anglican Diocese of Ughelli, Delta State, has condemned the recent approval of a license for Islamic Banking in Nigeria without any known or overt legislative support from the National Assembly.
In a 14-point communiqué at the end of the second session of the fifth synod of the diocese held at St. Mark’s Anglican Church, Otorho-Orogun from April 30 to May 4, 2011, the Diocese of Ughelli, also called for expeditious hearing of cases arising from the polls at the tribunal, while appealing to INEC to bring all electoral offenders to face prosecution to serve as deterrent to others……………………………………….Full Article: Source
Posted on 12 May 2011 by Laxman | Email|Print
Kuwait Finance House (Malaysia) Berhad (KFHMB) has launched the KFH Cash Management Solutions (CMS) to manage business banking transactions.
The first foreign Islamic bank in Malaysia, KFHMB says CMS is an online portal designed specifically to manage business banking transactions. It offers an end-to-end financial solution which gives a 360-degree view of business finances at a glance. The services are available seven days a week for convenience, speed and cost savings……………………………………….Full Article: Source
Posted on 12 May 2011 by Laxman | Email|Print
ABC Islamic Bank, a subsidiary of Bahrain-based Arab Banking Corporation, yesterday posted a first quarter net profit of $3 million, up 66 per cent over $1.8m for same period last year. Total operating income for the first quarter was $4.8m, compared to $3.9m for the first quarter of last year.
Operating expenses increased to $1.8m compared with $1.4m, mainly due to a timely recognition of staff expenses related to compensation for last year……………………………………….Full Article: Source
Posted on 12 May 2011 by Laxman | Email|Print
Ajman Bank reported a 100 per cent growth in its first-quarter income to Dh49.5 million compared to Dh24.7 million in the corresponding period of 2010. As of March 31, customer deposits stood at Dh2.83 billion compared to Dh2.02 billion at the end of 2010, an increase of 40 per cent.
Ajman Bank’s total assets at the end of the first quarter stood at Dh4.2 billion, an increase of 30 per cent compared to Dh3.23 billion at the end of the fourth quarter of 2010……………………………………….Full Article: Source
Posted on 12 May 2011 by Laxman | Email|Print
Islamic asset management is gaining interest among investors as an avenue for alternative investment. The focus is intensifying on new categories of Islamic product offerings such as hedge funds, fund of funds, index funds, and exchange traded funds.
In the key Muslim countries, income levels are rising year-on-year and investors are crafting agile strategies to scale up wealth management. Growing awareness among investors about the benefits of asset diversification and their willingness to consider unconventional investment options are factors helping to boost Islamic fund assets……………………………………….Full Article: Source
Posted on 12 May 2011 by Laxman | Email|Print
Gobal index provider FTSE Group said it launched the first investable Shariah-compliant physical metals index on Wednesday — the FTSE Physical Metals Index Series (PIMI).
“This new index series provides a transparent tool for organizations wishing to reduce the costs and complexity involved in maintaining a long-term industrial metals exposure,” Jonathan Cooper, managing director, Middle East and Africa at FTSE said in a statement……………………………………….Full Article: Source
Posted on 12 May 2011 by Laxman | Email|Print
Standard & Poor’s (S&P) is assigning ‘BBB-’ ratings to Islamic insurance companies Noor Takaful Family and Noor Takaful General, based in the United Arab Emirates (UAE); outlook: Stable
S&P expects the companies to sustain at least strong capital adequacy and strong liquidity with strong business growth, although this is unpredictable in view of the immature status of the Islamic insurance market in the UAE……………………………………….Full Article: Source
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